The Swiss National Bank Rates unchanged which was unexpected. The market had expected a 25 basis point hike. The move snapped a 5-meeting string of rate hikes from the central bank.
The USDCHF moved higher and in doing so extended above its 200-day moving average for the 1st time since November 2022. That moving average currently comes in at 0.90346. The high price extended to 0.90776 before rotating back to the downside. So far, the 200-day moving average has been able to hold support. The level remains a key barometer for both buyers and sellers today and going forward.
On a break lower, traders will be eyeing a swing area between 0.8998 and 0.9016. Also near the low of that swing area is the 50% midpoint of the 2023 trading range. That level comes in at 0.89971.
For now, the buyers remain in control above the 200-day moving average.
This article was written by Greg Michalowski at www.forexlive.com. Source